TOP CORPORATE NEWS – 30 SEP 2016

ING sells 2.5% stake in Kotak Mahindra Bank

ING has offloaded 2.5% stake in Kotak Mahindra Bank for an estimated Rs3,653 crore through an open market transaction as per report.

ING Mauritius Investments, the investment arm of the Dutch bank, sold a total of 4.67 crore shares, representing Kotak Mahindra Bank’s 2.5% stake, according to bulk deal data available with the stock exchanges.

The shares were purchased on an average price of Rs782.32, valuing the transaction at Rs3, 653.43 crore.

Lovable Lingerie gains as promoters look to sell 15-20% stake

Shares of Lovable Lingerie gained 2% to Rs263.15 on NSE in an otherwise weak market on back of reports that the promoters are looking to sell 15-20% stake at 20% premium to private equity investors.

This is sentimentally positive for the company (though not confirmed officially).

Zee Entertainment forays into international radio broadcasting

ZEEL announced its foray into radio broadcasting space with the acquisition of UAE-based radio station ‘Hum 106.2’. ZEEL already operates satellite television channels like Zee Aflam and Zee Alwan in the UAE market.

Hum 106.2 is a UAE-based Hindi FM radio channel with a current market share of 26%. This move comes immediately after ZEEL forayed into film production and distribution in the UAE and middle-east markets.

Alkem Laboratories gets USFDA observations on Daman plant

Alkem Laboratories has received 13 observations from the US Food and Drug Administration (US FDA) after the regulator inspected its manufacturing facility at Daman.The United States Food and Drug Administration (USFDA) had conducted an inspection at the company’s manufacturing facility located at Daman from September 20 to September 29, 2016.

HCL Tech and IBM enter 15-year partnership

During Q1FY2017 results press release, the company announced a long–term strategic IP partnership with a global technology major. In today’s press release, HCL Tech has shared further details of this IP Partnership. HCL Tech disclosed that it has entered into a 15-year partnership with IBM for Automation and DevOps solutions.

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